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2020 (12) TMI 119 - AT - Income TaxCapital gain computation - valuation to the DVO - valuation of the immovable property for the purpose of Section 50C - HELD THAT:- In the course of hearing of this appeal, both the learned AR and learned DR were directed to obtain and place on record an endorsement from the Sub Registrar, Gandhinagar, prescribing the actual value of the impugned property, viz., “Kino Theatre”, situated at No.215/1, Subedar Chatram Road, Nehrunagar, Bengaluru as on 30.06.2012. DCIT has written to the District Registrar requesting for information in the case of the assessee. In response to the letter of the DCIT, the District Registrar had provided the certified copy of the guideline value fixed by the Government of Karnataka, covering the area (in vernacular). Admittedly, the impugned property is situated on Subadar Chatram Road between Anand Rao Circle and Seshadripuram. This fact is also confirmed by the AO in the remand report dated 30.03.2018 submitted to the first appellate authority. On perusal of the letter of District Registrar dated 29.10.2020, along with the relevant pages of guideline value attached along with the letter of District Registrar, it is clear that the impugned property which is located at Subedar Chatram (SC) Road between Seshadripuram and Anand Rao Circle is governed by entry No.157, where the guideline value fixed as on 30.06.2012 was much less than ₹ 10,000 per sq.ft. adopted by the assessee in the sale deed. CIT(A)’s order accepting the sale consideration of ₹ 7.50 crore disclosed by the assessee in her sale deed is upheld as correct and in accordance with law.
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